Business News of Wednesday, 14 November 2012

Source: myjoyonline

Inflation declines marginally in October

The rate of increase in general price levels slowed down marginally by 0.2 percentage points in October compared to September.

This comes after the rate of inflation fell from 9.4 percent in the month of September to 9.2 in October.

Government Statistician, Dr. Philomena Nyarko explained to JOY BUSINESS the decline could be attributed to the prevailing season of abundant food supply.

“The main drivers of the downward trend is the food items, we are seeing a reduction in the prices of food items because of the harvest season.

“And also, the cedi has remained stable, it has actually appreciated slightly against the major currencies and so that is why we are seeing this downward trend,” she stated.

At the Regional level, the inflation rate ranged from 6.6 percent in the Volta Region to 11.0 percent in the Central Region.

Apart from Central, Ashanti and Greater Accra, Northern region also recorded rates above the national average of 9.2 percent.